Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
Another supporter of improving less-than-truckload fundamentals was identified this week. UBS analyst Tom Wadewitz initiated coverage of the group with a favorable outlook.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
ArcBest sees asset-based revenue continue positive streak in November. This is the fourth LTL carrier to report improving trends in the quarter.
YRC Worldwide reports 3% year-over-year increase in November revenue, following a modest decline in October. The company’s overall trends are still lagging those of some competitors.
In today’s edition of The Daily Dash, Swift Transportation founder Jerry Moyes has taken over as CEO of less-than-truckload carrier Central Freight Lines. Plus, XPO has made the decision to split the company into separate businesses, and FreightWaves’ SpaceWaves event focuses on the logistics of space exploration.
Old Dominion Freight Line reports further improvement in less-than-truckload trends since the positive August inflection. This is the second carrier in as many days to show that metrics have accelerated through the fourth quarter.
Less-than-truckload carrier Old Dominion looks to build on its record third-quarter operating ratio in what it expects will be a “robust” 2021.
Less-than-truckload (LTL) carrier Old Dominion sets a new operating record on its way to a 19-cents–per-share third-quarter earnings beat.
Deutsche Bank’s geofencing data shows less-than-truckload terminal activity at XPO accelerated during the third quarter while other carriers saw moderation.
The less-than-truckload industry continues to expand its footprint. Saia Inc. has added terminal capacity again, this time transitioning into a new 200-door terminal in Memphis, Tennessee.
Carriers, logistics businesses and technology providers make the cut in 2020.
Forward Air adds traditional LTL service to more of its facilities as carriers put more assets to work in the space.
With many data points sitting at cycle highs, several industry participants are calling for the trucking market’s bull rally to last well into 2021.
YRC Worldwide reported trends worse than its competitors for the first two months of the third quarter. Recent postings show the carrier is moving forward on its turnaround by rationalizing its terminal network.
ArcBest’s results for the first two months of the third quarter confirm recent positive updates provided by other less-than-truckload carriers.
Deutsche Bank’s Amit Mehrotra becomes increasingly bullish on the future of trucking. The analyst is forecasting earnings growth at the publicly traded carriers much higher than that of his peers.
The “less bad” trend may be over for less-than-truckload carriers. August updates from a couple of carriers show modest year-over-year improvement for the first time since April’s nadir.
Declines in Cass freight data continue to outpace the industry by a considerable margin. The firm sees improved results on the horizon.
YRC Worldwide expands regional next-day service throughout the South. The announcement follows similar expansion plans from competitors.
Old Dominion Freight Line says it has expanded its network of service centers by nine so far in 2020. The expansion will facilitate the carrier’s efforts to grow market share.
Numbers for the division were far worse than those of peers like Old Dominion and Saia; Deutsche Bank recommends breakup of the company
In conference call, CFO Satterfield discusses some flaws with other measures of LTL profitability
FHWA has awarded a contract for a platooning study, Schneider could be looking at an acquisition and UPS has an earnings surprise.
LTL carrier’s earnings per share beat Wall Street estimates even as revenue was mostly flat with consensus.
Deutsche Bank geofencing data shows the less-than-truckload recovery off of an April bottom spills into June.
YRC’s $700 million loan from the Treasury Department raises concerns from industry experts about the survival of the company and whether the deal is worth it.
YRC Worldwide’s midquarter report was worse than that of its peers and adds to industry speculation that some shippers could be avoiding the carrier.
ArcBest joins other less-than-truckload carriers seeing a May rebound from April lows. A 10% stock bump from a rating upgrade holds into the second trading session.
Less-than-truckload demand appears to have bounced off of an April bottom according to reports from carriers.
While less-than-truckload volumes may not have rebounded sequentially from April, one sell-side analyst sees acceleration in recent weeks as bullish for the industry.
Love’s faces opposition in Arizona; ODFL likely to get tax breaks in Ohio.
Stifel’s David Ross announces that he is suspending his rating and estimates on YRC Worldwide and questions the company’s ability to survive.
ArcBest managed through the first quarter largely unscathed by the coronavirus outbreak. That has all changed in April as revenue is off 20% year-over-year.
Zach and Anthony review some of the latest company earnings and a major economic releases which have yet to reveal the full story of the COVID-19 impact on the freight economy.
Revenue per hundredweight is suffering as a result: CFO
Other metrics helped the LTL carrier post a new record.
With the belt tightened at YRC, a covenant waiver and benefits contribution deferral are still required.
Most companies are right near the 25% decline in the market since February 1.
Tonnage headwinds and better yields are the story so far in 2020. Old Dominion Freight Line reports modest revenue decline.
Old Dominion Freight Line announces a 4.9% general rate increase after reporting market stabilization in January.
Old Dominion Freight Line sponsors Major League Baseball, and for eight of the 30 MLB teams, the less-than-truckload carrier helps make Florida and Arizona feel like home for six weeks of spring training.
Many freight and logistics providers have reported weak earnings in the past few weeks. Due to the current operating environment, these totals were expected and investors have begun buying into the second half recovery story.
Persistent industrial weakness sends Old Dominion’s fourth-quarter results down
Anthony and Zach break down the less-than-truckload sector and talk about its connection with truckload along with giving a quick update on the latest economic and freight market trends.
A number of trucking companies are expanding and/or upgrading their terminal systems.
Truckload stocks get an upgrade at Goldman Sachs. Analyst cites “bottoming” fundamentals and the likelihood that the trucking downturn is nearing the midway point as reasons for the upgrade.
Old Dominion posts first year-on-year revenue drop in 3 years as macro weakness hits home
Old Dominion reported continued LTL volume weakness in July. Near-term volume relief may be hard to come by as domestic and global macroeconomic trends remain tepid.
A great deal of focus has been placed on the seasonal weakness in TL volumes, but LTL volume weakness is equaling concerning.
Saia’s interim report also showed a slowdown in LTL activity.
Old Dominion has made a commitment to donate up to $250,000 to the American Red Cross Disaster Relief fund.
CEO Gantt lowered capex guidance by $10 million to $480 million, likely reflecting top line headwinds, but we’re waiting to hear updated revenue guidance in the conference call.
As workers decide their fate, management works to wean itself off high-volume business.
The increase comes after a first quarter update that was strong on the pricing side but a little weaker on the tonnage picture.
ODFL spends money on aggressive capex building out its network of service centers and maintaining a low tractor-to-trailer ratio, as well as, increasingly, share buybacks.
Everyone knew the quarter was weaker than it had been. The question is how much. Stock prices have reflected a significant slowdown.
Even the Port’s director agrees something needs to be done; East Coast port notches new record; ATA crows about California victory.
Suit alleging millions in DoD overcharges centers on proper reweighing.
Also in the pickup: vets get a shot at free CDL training; another dispatch from the parking wars
OD’s top line revenue grew 21.2% year over year to $1.06B and earnings per share swelled 71% to $2.12. Even more impressively, Old Dominion achieved a 78.4% operating ratio, a company (and possibly industry) record and 280 bps improvement over Q3 2017.
